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Preferred Stock
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Preferred Stock
 
 
 
 Note 8 
      Preferred Stock
At September 30, 2022 and December 31, 2021, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    September 30, 2022              December 31, 2021  
(Dollars in Millions)   Shares
Issued and
Outstanding		      Liquidation
Preference		      Discount      Carrying
Amount		              Shares
Issued and
Outstanding		      Liquidation
Preference		      Discount      Carrying
Amount		  
Series A
     12,510      $ 1,251      $ 145      $ 1,106                 12,510      $ 1,251      $ 145      $ 1,106  
Series B
     40,000        1,000        —        1,000                 40,000        1,000        —        1,000  
Series J
     40,000        1,000        7        993                 40,000        1,000        7        993  
Series K
     23,000        575        10        565                 23,000        575        10        565  
Series L
     20,000        500        14        486                 20,000        500        14        486  
Series M
     30,000        750        21        729                 30,000        750        21        729  
Series N
     60,000        1,500        8        1,492                 60,000        1,500        8        1,492  
Series O
     18,000        450        13        437                 —        —        —        —  
Total preferred stock (a)
     243,510      $ 7,026      $ 218      $ 6,808                 225,510      $ 6,576      $ 205      $ 6,371  
 
(a)
The par value of all shares issued and outstanding at September 30, 2022 and December 31, 2021, was $1.00 per share.
During the first nine months of 2022, the Company issued depositary shares representing an ownership interest in 18,000 shares of Series O
Non-Cumulative
Perpetual Preferred Stock with a liquidation preference of $25,000 per
share (the “Series O Preferred Stock”). The Series O Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 4.50 percent. The Series O Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after April 15, 2027. The Series O Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to April 15, 2027 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not a
llo
w the Company to treat the full liquidation value of the Series O Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.